A new survey is being released Thursday morning that confirms our high school students have a poor understanding of personal finances. Students in Vermont participated in the national study by JumpStart, a non-profit group dedicated to teaching young people about financial literacy. Gregg Mopusley of Vermont JumpStart examines the results of this study with us as we explore why young people need to understand personal finance, and we talk with Windsor High School teacher Larry Booker about how he teaches finance in the classroom. (Listen)

Also in the program, second home sales are down and it's having an impact on the real estate market and state revenues. Rutland Herald reporter Bruce Edwards looks at the numbers. (Listen)

And our series of audio postcards continues with a visit to Hardwick. (Listen)

Listener comments on teen financial literacy:

Marianne:
My 18 year old high school senior is very smart about finances. I believe it is a very important part of my job as a parent and started at five years old teaching about savings. At sixteen, after having the savings down, she got a checking account and had to learn to balance and record. We have always talked about retirement planning and the importance of paying yourself first. Her high school also teaches, through a life skills class, budgeting, balancing checkbooks and other bare minimum know-how for personal finances. I believe the schools should do this as a minimum to confirm what parents teach or introduce for those students who are not lucky enough to have parents with the knowledge or time to teach the basics. It is essential that children learn these lessons before graduating high school.

Maureen:
I was fascinated by your subject on financial literacy for teenagers. I am well aware of not being prepared, even with years of formal education, for the business part of living. This is undoubtedly why, as parents, we often fail in providing training for our own children. As I listened to the discussion an idea occurred to me that might be a winning solution. Provide an evening class on "literacies for successful living of life" for students and parents. (I would add legal literacy as part of the "course".) It would be exciting to see parents and students bring together their strengths (experience and computer skills) and learn from each other as well as from the teacher. It might also improve the family dinner conversations as these concepts are further discussed. I'd love to attend such a class.

Nate from Northfield:
Unlike the majority of states, Vermont is very behind the times in terms of understanding what financial services are available for them. The reality of commission-based financial product sales creates a "what's in it for me" culture among brokers, many of whom receive as much as 5.75% commission on life insurance and annuities. It was only in the last four years that brokerages began to disencourage brokers in the sales of mutual fund "B" shares, which offered a commission both on the front end and on an annual basis. Life insurance also as a fee structure designed this way. There are only a handful of Registered Investment Advisors here in Vermont. These financial professionals work with clients based on the client's needs, from tax or life planning services to asset management services using straight stocks and bonds, no-load funds and ETF's. The kind of work Greg Mousley and Larry Booker are offering students sounds very comprehensive, bringing in technology and the global economy as key elements in financial literacy.

Aaron in Bennington:
I am a Mount Anthony Union teacher in Bennington. I have recently compared feudalism to capitalism. I argue that the credit industry enslaves a majority of the population. I explore this topic because many kids have no comprehension of financial responsibility and it is so important. Think about it. We advertise and glorify debt. An 18 year old can get a credit card and spend a thousand dollars in one day and be forced to pay it off for 20 years. The minimum payment is a trap that students can not comprehend. We preach consumption and that is increasingly dangerous.